The National Bank forecasts Kyrgyzstan's GDP growth at 10% in 2026 and 9% in 2027

The National Bank expects Kyrgyzstan’s economy to maintain high growth rates, though inflationary pressures will remain significant in the coming years. The regulator presented these figures in its medium-term forecast.

According to the National Bank’s baseline scenario, Kyrgyzstan’s real GDP growth will be around 10% in 2026. However, economic growth may slow to 9% in 2027.

“The economy will continue to grow thanks to several factors. The main drivers will be industry—through the expansion of existing production facilities and the launch of new enterprises—as well as the construction sector and trade,” the National Bank notes.

Separately, the regulator highlights the ongoing construction of housing by the State Mortgage Company and infrastructure projects across the country. The development of e-commerce and high levels of consumer lending are also cited as additional growth factors.

At the same time, the regulator warns that inflationary pressure in the country will persist.

“In 2025, the key factors driving inflation were rising global food prices, higher electricity and utility rates, and the rising cost of imported fuels and lubricants,” the National Bank of the Kyrgyz Republic emphasizes.

As noted in the report, rising fuel prices have already led to increased transportation and logistics costs, which has affected the prices of a wide range of goods and services.

In 2026, according to the National Bank’s forecast, inflation will continue to be influenced by factors from late 2025. Additional pressure will come from further increases in housing and utility rates, rising budget expenditures, and higher wages in the public sector.

The National Bank cites the hosting of major international events—the World Nomad Games and events within the framework of the Shanghai Cooperation Organization, scheduled for August–September 2026—as a separate factor driving domestic demand.

According to the regulator’s assessment, this will temporarily boost activity in the service, transport, and trade sectors.